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Patterson UTI (PTEN) Jumps on Impressive Horizontal Rig Count

By  +Follow October 4, 2013 8:22AM
Tickers Mentioned:

Shares for Patterson-UTI Energy Inc. (PTEN) were trading 5 percent higher on Friday, on news that the oil and gas drilling and exploration company had some 190 rigs operating in the US and Canada.

The announcement is significant in that it comes in the wake of oilfield services leader Baker Hughes (BHI) released a report that indicated weaker demand for drilling rigs in the US. More than 100 of Patterson’s rig operate in the US.

The Baker Hughes report also showed that what demand does currently exist is the result of greater need for unconventional, horizontal drilling rigs that have the capability of tapping in to the US’s growing number of shale-based oil and natural gas deposits, and this is the source of Friday’s bullishness on Patterson’s stock.

Indeed, while other drillers, particularly Helmerlich & Payne (HP) currently operates the largest number of AC-powered horizontal drilling rigs in the US, with a total on average of about 270. Nabors Industries Ltd. (NBR) comes in second with 245 such rigs, but Patterson is catching up with a current and growing total of 117.

With a market-cap of $3.3 billion, however, Patterson is less than half the size of Helmerlich (nearly $8 billion), and is also smaller than Nabors (about $5 billion). Patterson has also been having a strong year, with its stock advancing over 20 percent in 2013, and looks to be on course to join the upper tier of mid-cap drillers and explorers.

The company is set to release its quarterly earnings statement on October 24. Shares were crawling steadily towards $24, approaching a 52-week high of $25.30 in Friday trading.



[Image Courtesy of Wikimedia Commons]

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Results for pten
4 Oct 15 10:31:45
PTEN CHK UWTI ~ Looking for a tremendous week! $CHK $PTEN $UWTI http://t.co/RLUjszLsKa
3 Oct 15 20:48:58
Brokerages Set Patterson-UTI Energy Price Target at $21.44 $PTEN http://t.co/3xrVSsdvZd
kelsie voltz
3 Oct 15 16:07:51
RT @TheExtraIncome: Investor T Boone Pickens' new buys $FANG $PTEN $CLR $NFX $PXD http://t.co/zP9WH9Fqts
3 Oct 15 12:46:04
$PTEN: Brokerages Set Patterson-UTI Energy Price Target at $21.44 …: http://t.co/7pYAJyIwoe
Norma Dowman
3 Oct 15 10:53:58
RT @svilerpo80: Investor T Boone Pickens' new buys $FANG $PTEN $CLR $NFX $PXD http://t.co/unTqBhQoJ7
lexie bohmer
3 Oct 15 04:28:59
RT @TheExtraIncome: Investor T Boone Pickens' new buys $FANG $PTEN $CLR $NFX $PXD http://t.co/tHEueRAiqF
2 Oct 15 16:36:32
$PTEN nice and might run w
2 Oct 15 16:02:56
MidCap #Stocks Performance $SUNE $HLX $DNR $ATW $QEP $RDC $WPX $PTEN $SM $OII $OIS $NE $AVP $ATI $SPN more@ http://t.co/H27z0JgFGk
2 Oct 15 14:32:22
Top Shorted Stocks 10/02/15 1. $RGS 97.44% 2. $RJI 97.04% 3. $DDR 93.57% 4. $EWY 91.74% 5. $PHB 90.70% 6. $XLU 85.45% 7. $PTEN 83.71%...
2 Oct 15 14:32:19
Top Shorted Stocks 10/02/15... 7. $PTEN 83.71% 8. $ACWX 83.58% 9. $JBL 83.45%... http://t.co/fAm9o9UmQz
Janie Tracey
2 Oct 15 13:14:51
Investor T Boone Pickens' new buys $FANG $PTEN $CLR $NFX $PXD http://t.co/jFlJM5IEcl
2 Oct 15 13:06:50
MidCap #Stocks Performance $SUNE $HLX $DNR $ATW $RDC $OII $SM $QEP $NE $PTEN $JCP $WPX $OIS $ATI $X $DRQ more@ http://t.co/H27z0JgFGk
2 Oct 15 12:34:11
2 Oct 15 12:14:55
$NGD $PAAS $PACB $PMCS $PTEN $RGNX $SGMS $TERP $YHOO Autocharts @ http://t.co/f6cpQoVS67
Stock Aced
2 Oct 15 11:08:26
$ADXS $CHK $CPE $CRC $EDAP $PTEN $VSTM $WFT $WPX Autocharts @ http://t.co/6CAGBVnxq8
Stock Aced
2 Oct 15 11:05:43
$ADXS $CHK $CPE $CRC $EDAP $PTEN $VSTM $WFT $WPX Autocharts @ http://t.co/AFdBulNUa4
Stock Aced
2 Oct 15 11:02:12
$ADXS $CHK $CPE $CRC $EDAP $PTEN $VSTM $WFT $WPX Autocharts @ http://t.co/VrYYYpaOgl
Stock Aced
2 Oct 15 11:00:15
$ADXS $CHK $CPE $CRC $EDAP $PTEN $VSTM $WFT $WPX Autocharts @ http://t.co/gLNQbwj5HK
Stock Aced
2 Oct 15 10:56:02
$ADXS $CHK $CPE $CRC $EDAP $PTEN $VSTM $WFT $WPX Autocharts @ http://t.co/rPYm2bPKmM
Stock Aced
2 Oct 15 10:53:02
$ADXS $CHK $CPE $CRC $EDAP $PTEN $VSTM $WFT $WPX Autocharts @ http://t.co/mREEZtNwmw
Stock Aced
2 Oct 15 10:49:51
$ADXS $CHK $CPE $CRC $EDAP $PTEN $VSTM $WFT $WPX Autocharts @ http://t.co/HkN1eVL53s
Stock Aced
2 Oct 15 10:46:42
$ADXS $CHK $CPE $CRC $EDAP $PTEN $VSTM $WFT $WPX Autocharts @ http://t.co/acffehvDe1
2 Oct 15 10:44:55
$ADXS $CHK $CPE $CRC $EDAP $PTEN $VSTM $WFT $WPX Autocharts @ http://t.co/f6cpQoVS67
angelena koelsch
2 Oct 15 09:06:46
RT @katheyzmz24: RT @TheExtraIncome: Investor T Boone Pickens' new buys $FANG $PTEN $CLR $NFX $PXD http://t.co/tmHvILBxek
Stocks Newswire
2 Oct 15 08:57:18
Active Stocks Intraday Alert: $HRB $PTEN $LYB $CTL http://t.co/nckzvRcbv2
2 Oct 15 08:52:36
MidCap #Stocks Performance $RGLD $KMT $HLX $QEP $THS $NE $RDC $ATW $JCP $DRQ $SPN $UNFI $PTEN $DNR $OGE more@ http://t.co/H27z0IZ4hK
2 Oct 15 08:29:43
Schlumberger: Rigs Of The Future: http://t.co/NzpvBC7Ay6 (Seeking Alpha) $SLB $CAM $HP $PTEN #oil #WTI #Schlumberger #fracking @riger_ca
2 Oct 15 07:45:09
I loved this free video by @timothysykes about shorting stocks - http://t.co/9Y2vfckUzk $ONVO $CNAT $VVUS $VBLT $AEG $ABEV $PTEN
Elizabeth Adamson
2 Oct 15 03:55:46
RT @darceygca86: RT @TheExtraIncome: Investor T Boone Pickens' new buys $FANG $PTEN $CLR $NFX $PXD http://t.co/o9wcpBUerk
1 Oct 15 23:45:02
$PTEN is rated BUY, 39.2% upside by Wall Street analysts based on average ratings/targets http://t.co/G2gD8wftXP http://t.co/WHji3BPVlG
1 Oct 15 18:31:12
$PTEN short http://t.co/FCwycL31RW
1 Oct 15 15:23:12
Stochastic Oversold http://t.co/QBSodp4JxI $PNR $SYMC $FL $DISCA $TROW $PTEN $DISCK $JNUG $PANW $TMUS $ONCS $FPE $BTH $OAK $HLS $CKP $GEN
1 Oct 15 14:46:52
$PTEN End of Day Scan: Stochastic Oversold
Sleek Money
1 Oct 15 12:33:46
Brokerages Set Patterson-UTI Energy PT at $21.44 $PTEN https://t.co/yOxg5aq6CX
1 Oct 15 10:52:40
I wouldnt either and we are positioned in PTEN as well! :) Talk about a Trifecta! $PTEN https://t.co/DH0zhW00br
Large Void Bot
1 Oct 15 10:16:15
13:16 New 52wk Lows: $PTEN
Energy Stocks SA
1 Oct 15 08:20:05
Schlumberger: Rigs Of The Future http://t.co/iL3NuGAh7E $SLB $HP $NBR $PDS $PTEN
Quantpost Basic Mats
1 Oct 15 08:20:04
$SLB News: "Schlumberger: Rigs Of The Future $SLB $HP $NBR $PDS $PTEN" http://t.co/J0NC0NbuQg Analyze: https://t.co/TRBRB6PLzh
Seeking Alpha
1 Oct 15 08:20:03
Schlumberger: Rigs Of The Future http://t.co/sfa9evijQ2 $SLB $HP $NBR $PDS $PTEN
Zona Harrison
1 Oct 15 04:51:43
RT @svilerpo80: Investor T Boone Pickens' new buys $FANG $PTEN $CLR $NFX $PXD http://t.co/0VkK5reeFF
kathey dickens
1 Oct 15 04:19:45
RT @TheExtraIncome: Investor T Boone Pickens' new buys $FANG $PTEN $CLR $NFX $PXD http://t.co/tmHvILBxek
Sleek Money
30 Sep 15 20:35:10
Patterson-UTI Energy Stock Price Down 4.6% $PTEN http://t.co/hpisMCTevP
30 Sep 15 20:27:03
$PTEN: Patterson-UTI Energy Stock Price Down 4.6% (PTEN): http://t.co/wTDdOL2qnV
Althea Conors
30 Sep 15 17:47:49
RT @TheExtraIncome: Investor T Boone Pickens' new buys $FANG $PTEN $CLR $NFX $PXD http://t.co/4ZkLy5xQd8
Houston Chronicle
30 Sep 15 15:29:43
RT @kfeser: Bottom Houston 150 stocks today: $KEG, $PTEN, $CRR, $HK, $OIS, $FE, $WG, $SPN, $TISI, $DO
Katherine Feser
30 Sep 15 15:29:34
Bottom Houston 150 stocks today: $KEG, $PTEN, $CRR, $HK, $OIS, $FE, $WG, $SPN, $TISI, $DO
30 Sep 15 15:25:35
RT @DividendStoxApp: $PTEN is one of biggest losers #stocks today. read more: http://t.co/KEqhIFTMWA
30 Sep 15 15:15:14
The Daily Dividend
30 Sep 15 15:14:11
$PTEN is one of biggest losers #stocks today. read more: http://t.co/KEqhIFTMWA
Konye Bisong
30 Sep 15 14:47:37
Like $PTEN to the downside. Enter at break of 12.97 http://t.co/weqr0K3a5F
By  +Follow October 4, 2013 8:22AM



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